Standard Bank partners with Finacle to power the digital commerce revolution

Finacle™ will power agency banking for Standard Bank and help the bank extend service channels across its markets in Africa. This new alternate channel for the bank will offer value-added financial services to consumers, in Africa, while also reducing cost of operations for the bank. Finacle™ digital commerce solution helps unlock new revenue streams not only for financial institutions, but also telecom service providers and retailers by enabling instant cashless payments and commerce between merchants and consumers. The solution empowers consumers to consolidate payment instruments such as accounts, cash or cards, on a single digital wallet, made accessible anytime, anywhere on their preferred digital channel. Standard Bank, leveraging Finacle™, will onboard and manage agents, using the mobile or Internet channels, to service remote customers cost-effectively. The solution will enable agents to offer a host of services ranging from customer on-boarding, cash deposits, cash withdrawal and banking transactions, to service requests.

Digital Money Powering Growth and Reach

The world of tomorrow promises to be driven by digital channels. In spite of global reach in digital channels, commerce and payment services still depend on traditional instruments such as cash and cards. In addition, the penetration of financial services does not match up to the reach of digital channels. The answer to this lies in the concept of digital money which can consolidate multiple payment instruments on a digital wallet and also enable reaching customers. Finacle digital commerce solution leverages the power of digital money to unlock new revenue streams, extend distribution reach and foster customer loyalty for financial institutions, telecom service providers and retailers.